Asian and US firms are likely to find not having a legal-entity identifier when Europe's revised Markets in Financial Instruments Directive takes effect means missing trades for noncompliance, panelists said at a derivatives conference. However, some panelists questioned whether the effort is worth it if firms transact with only a single European client. Futures & Options World (subscription required) (07 Dec.)
If Congress fails to pass a spending bill, resulting in a government shutdown, the US would lose economic momentum, Beth Ann Bovino, US chief economist for S&P Global, said in a report. For each week the government is shut down, the country could drop $6.5 billion from real GDP growth, the S&P Global economists said. CNNMoney (06 Dec.)
The Federal Reserve has proposed changing annual stress tests to provide banks more information on how their portfolios might fare during market shocks. "This enhanced transparency will bolster the credibility of our stress tests and help the public better evaluate the results," said Randal Quarles, vice chairman for supervision. Reuters (07 Dec.)
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